Finding a partner or cofounder for your manufacturing company – where to look

Welcome entrepreneurs! Here we are, locked inside our houses, in the middle of a global crisis, trying our best to keep our companies running. As you probably know, these days are the strangest times to start or run a business, but even in isolation, life moves forward, thanks to the power of the human spirit. 

Now that you have more time, new ideas pour into your head, and you think it may be the right moment to act on one. But should you exploit the idea alone or with a business partner? Sure, some entrepreneurs like Mark Zuckerberg of Facebook took this road alone, but successful founders like him are few. Plus, people like Zuckerberg have plenty of help. Remember those Harvard students who sued him? 

The average entrepreneur needs a cofounder. 

Why is it worth working with a partner?

They fill in the skills map

There are things you’re great at, but there are also tasks you have no idea how to complete. For now, you may think you can cover everything, but a partner can help you do it better. They have a different management style that may help you as the business evolves because your company is the apple of your eyes, and you cannot be objective. 

Sometimes a business partner is a third-party company that supports your efforts by completing the tasks you cannot. Let’s say you work in the manufacturing world and produce wood elements you personalise according to your clients’ needs. But you do not know how to paint or coat wood, and learning how to do it can take time and money. You can find a partner experienced in wet spray services to finish your products according to your customers’ requirements.  

They can cover for you

When you collaborate with someone on all your projects, they can cover for you when you escape out of town. They can handle clients, providers, orders, sign checks, and complete any other task you do. 

On some days you’ll feel tired and grumpy, and you’ll want to stay at home or have a vacation to relax. Your cofounder can cover for you, and you can do the same when they need a break. 

They’re a companion during the journey

Expect to face some bumps along the way when you first start a business. But with a partner by your side, everything is easier to handle. Yes, a mentor can provide you with guidance when you’re starting a company, but only someone involved in the process can share the struggles with you because you’re facing the same risks, problems, and rewards together.

Finding the right partner

Sometimes business partnerships materialise out of friendships or family relations, and sometimes they’re strictly connected to the business. When you need a partner, but you’ve exhausted your personal network, there are a few places you should check. 

-         Your professional network. Sometimes a business partner is a service provider that finishes your products to match the market’s requirements, so you must look in your professional system for business specialised in that area of interest. Your LinkedIn account can provide you with a business partner if you’re looking for networking opportunities. 

-         Your school. Current or former school classmates can be suitable business cofounders if they have the needed skills to support you in building the company. If you’re still a student, determine the tasks you cannot complete on your own, and look for fellow students who possess the skills you lack. Before starting a business together, test your partner’s abilities and their compatibility with your personal values. 

-         Meetup groups and conferences. If you want to grow your network, attend industry conferences and meetup groups to connect with specialists and prospective partners. This is the ideal environment where to find professionals interested in your business ideas. Attend digital events during the pandemic to minimise the exposure to the virus. 

-         Friends of friends. Only because your friends aren’t interested in joining you in your entrepreneurial efforts, it doesn’t mean they cannot help you find a business partner. Look on LinkedIn for friends of friends, check their degrees, professional experience, and interests. If you find someone you’d like to collaborate with, ask for an introduction. Also, share with your loved ones your business idea, they may naturally introduce you to someone interested in the same domain. 

-         Networking apps. With the pandemic closing everyone inside their houses, it’s difficult to find any networking events that gather specialists from different industries together in the same room. So, if you’re looking for a business partner, use a network app designed specially to connect experts who need help. Networking apps like Bumble Bizz and Shapr are created, for this reason, to bring together people who need a business partner.  

How does the ideal business partner look like?

Now that you know what the advantages of having a business partner are, and where to look for one, you need to figure who to pick. Do you need someone to split your work with? Do you need someone to provide additional services? Do you work well with others? Decide the level of partner you need (an equal collaborator, someone who takes a role behind the scene, or someone who finishes your products for you). Any collaboration should be based on communication, trust, and respect. These values lay at the foundation of a strong partnership that weathers any bump in the path. 

Even if studies state that opposites attract, the relationships that last are made of people who share similar values. Adopt the birds of a feather approach to find a partner. The ideal co-founder shares the same vision and business plan, and has a common communication and working style, and similar motivations. When birds of a feather work together, they may miss some opportunities because there is no one to play the devil’s advocate and identify possible opportunities. Your collaboration can be vulnerable to gaps in strengths and skills. 

Take some time to determine if you’re compatible to build a business and work together to meet the same goal.